North Carolina Down Payment Assistance Programs

Payments Gateway - These programs are the Mortgage Credit Certificate and also the deposit Assistance System.

Also you purchase a home and December 1, 2009 and should you qualify for one of the programs, you might also be eligible for the $8,000 tax credit merely enacted into law.

First, who is a First Time Home Buyer? A First Time Home Buyer is someone who has not owned a house within the past three years. Here is the same qualifying definition for the $8,000 tax credit.

All home owners can claim an itemized deduction for mortgage interest. An MCC “reduces your tax liability according to a percentage of the mortgage interest that you pay.

You can claim 20% of the interest you pay as a credit on your federal income taxes, if you are eligible for the MCC. You can save as much as .

If you do qualify for the MCC, for 2009, you'll manage to join this. This could reduce a purchaser's tax liability by $10,000.

Who qualifies for an MCC is based in your income and also the price of the property you are buying. Household income is defined as the “gross income of the mortgagor and any man anticipated to reside in the residence who is 18 years of age or older.”

The income and house price limitations that apply in Durham, Orange and Chatham Counties are listed below.

MCC Income Limits 1 Individual $61,500 2 Individuals $61,500 3 Individuals $70,500 4 Individuals $70,500

MCC Sales Price Limits New Home $220,000 Existing House $210,000

The customer just needs to pay and the load would pay around .

This plan has stricter income limits than the MCC program summarized above. Like the MCC application, it can be used in conjunction with all the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The deposit assistance, nevertheless, can't be employed in conjunction together with the MCC. This really is an either or scenario.

House price limits that apply in Durham, Orange and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limits

1 Individual $39,950 2 Persons $45,650 3 Persons $51,350 4 Men $57,050

Down Payment Assistance Sales Price Limits New House $210,000 Existing House $210,000